MONTREAL, QC, Aug. 23 /CNW Telbec/ - (TSXV: "PIV"), Mr. David Horowitz, President and C.E.O. of Priva Inc. is pleased to announce the Corporation's 2nd Quarter results for the period ending June 30, 2005. Revenues for Q2 2005 were $2,042,349, which represented a 15% increase over the $1,775,697 recorded in Q2 2004. During the Second Quarter of 2005, Sales and Administrative Expenses increased by 37.6% to $426,658 compared to $310,025 during Q2 2004. This increase in expenditures was a result of incurring expenses associated with marketing, sales and increased warehousing space that were required to be made to meet Priva anticipated growth and increase in sales. Priva has invested in the Home Furnishings Division, with the addition of Derek Paterson, as Vice President of the Division. Specifically the marketing and sales costs associated with the launch into furniture and mattress stores have been realized in this second Quarter for future results in upcoming Quarters. As a result, Net Earnings Before Tax in Q2 2005 were $18,332, compared with $72,101 in Q2 2004. Net Earnings Per Share Fully Diluted for Q2 2005 was $0.001 compared with $0.005 per share in Q2 2004. "Notwithstanding the strong Canadian dollar, which is putting downward pressure on the growth of other Canadian distribution companies that export their products, Priva has been able to continue to grow. A stronger Balance Sheet has positioned Priva to pursue its growth plans and will continue to work towards its goal of increasing its penetration into the USA marketplace", says David Horowitz, President and CEO, Priva Inc. The pending acquisition by Priva of $6 million USD in annualized customer accounts from Philmont Manufacturing is one example of how Priva will achieve this goal. Selected financial information is as follows: << Quarter Ended June 30 2005 2004 Total Revenue $ 2,042,349 $ 1,775,697 Income Before Taxes $ 18,332 $ 72,101 Six Months Ended June 30 Total Sales $ 4,310,167 $ 3,849,335 Total Assets $ 3,912,115 $ 2,970,024 Total Liabilities $ 3,201,370 $ 2,405,518 Long Term Debt $ 600,000 $ 1,100,000 Shares Outstanding 17,242,858 13,542,858 Net Income Before Taxes $ 161,770 $ 178,917 Income Taxes $ 60,524 $ 0 Net Income After Taxes $ 101,246 $ 178,917 Net Income Per Share-Diluted $ 0.007 $ 0.005 >> Montreal based Priva Inc. is a leading manufacturer and distributor of an assortment of absorbent and waterproof textile products sold to retailers in Canada, the US, the UK Australia and New Zealand, with export sales representing over 60% of sales. Priva's products for adults are sold under the Priva and Americare brands; children's products are marketed under the Snoozy and Tidy Turtle labels and Priva's anti-allergen products are sold under the Quorum and Zip & Block brands. Certain statements in this press release may be forward looking, and these statements involve known and unknown risks that may cause the Company's actual results, performance and achievements to be materially different from any performance or achievements expressed or implied by such forward looking comments. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of release.
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